Update: Innovation Direct™ conducts successful conference call with Florida-based manufacturer and inventor…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with an update to kick off the week. Earlier Monday, a conference call regarding a bedding accessory from the Innovation Direct™ roster took place, with the participants being the Innovation Direct™ representative managing the situation, the inventor, and the principal of the Florida-based manufacturer that has expressed an interest in the project for months. We had most recently reported on this ongoing situation in a July 7th entry (“Update: ITT Licensing™ receives update from manufacturer regarding bedding accessory that is subject of exclusive developmental agreement; conference call with inventor to be scheduled…“).
The manufacturer had called for the conference, as he wanted to share his latest efforts regarding the development of the invention. As he explained during the conversation, he is prepared to have the factory in China he regularly deals with create two professional prototypes of the item, of which the purpose will be two-fold. Not only will this provide his salespeople two samples to display to buyers, but it will also provide the potential licensee with the all-important figures of manufacturing and packaging costs.
The company principal, who acknowledged having received the licensing proposal sent to him by the Innovation Direct™ representative last week as he had requested, explained that he will be prepared to begin estimating royalty rates he could pay the inventor once he knows what his primary production costs will be. He also emphasized during the call that he is very optimistic about the invention due to its apparent uniqueness in look and design, and is looking forward to taking the step of having the prototypes made.
Needless to say, we parallel this positive outlook with regards to how this scenario appears to be unfolding. Although there is never a guarantee a licensing agreement is signed until both parties have signed a document memorializing one, things appear to be headed in the right direction.
Continue checking in with the Innovation Direct™ Blog for all updates!